Caretaker Minister of Energy Walid Fayyad considered on Tuesday that “there is a space on the land of the Port of Beirut that TotalEnergies EP Lebanon company will contract with its owner, which is the Port of Beirut, to rent it for providing logistical services for the drillship.

In an interview on LBCI TV, Fayad stated that “in the drilling location within Bloc 4, they did not find commercial quantities. This does not mean that this bloc is devoid of hope. Still, there are specific criteria directly related to the drilling depth, and it is possible to return to it.”

“The reports I received indicate that the drilling operations will take 90 days, and before the end of this period, there will be a preliminary picture of whether there are commercial quantities or not,” he added.

“I do not see what is happening in the south threatens the strategic situation we have reached in Lebanon. The demarcation has been achieved, and the other party needs alternatives for gas exports. The international community led by Washington needs alternative solutions for gas,” he continued.

Fayyad also pointed out that “the situation allowed Lebanon to accomplish this demarcation, which laid the foundation for stability on the security level and commitments on the economic level by several countries.”

Fayyad considered that “the electricity plan establishes the right foundations for Lebanon to have the largest number of electricity hours at the lowest cost and to have continuity in the supply.”

He emphasized that in order “to reach 10 hours of supply, we need $600 million as operational capital.”

“The central bank governor told us that he has other priorities besides electricity, and there are only $300 million, which means 4 hours of electricity,” he continued.

He stressed that the goal is to increase the supply at the lowest cost.

“I have considered with the Jordanian minister the option of purchasing electricity from Jordan and paying for it. Here, we do not need a loan from the World Bank, but we need international support, especially from the United States due to the sanctions,” he stressed.

He said the “Electricité du Liban has been unable to convert money from the Lebanese pound to the dollar for about a year.”

Fayad added that he received “reassurances from the central bank governor indicating that today the money will be converted from the pound to the dollar at the request of Electricité du Liban, and there is now $40 million for EDL from the collection for November and December, and this number is increasing.”